Adjusting entries are required
A) because some costs expire with the passage of time and have not yet been journalized.
B) when the company's profits are below the budget.
C) when expenses are recorded in the period in which they are incurred.
D) when revenues are recorded in the period in which services are performed.
Correct Answer:
Verified
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A)liability accounts.
B)revenue accounts.
C)prepaid
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